You are offered two jobs: one in San Diego paying $86,000 an…

You are offered two jobs: one in San Diego paying $86,000 and one in New York City paying $96,000. The CPI is 345 in San Diego and 380 in New York City. Suppose you like San Diego but money is an important variable as well. How much more on top of the current offer would you ask San Diego employer so they are just matching NYC offer?

Suppose a basket of goods and services has been selected to…

Suppose a basket of goods and services has been selected to calculate the consumer price index (CPI) and 1984 has been chosen as the base year. In 1990, the basket’s cost was $2,000; in 2023, the basket’s cost was $6,400; and in 2024, the basket’s cost was $6,600. The value of the CPI in 2024 was